Should I fix?

MSE_Laura_F

I've merged these questions together as they're all to do with deciding whether or not to fix.

Thanks, MSE Laura F

MSE_Andrew

Hi everyone, 

Right now, there are no tariffs meaningfully cheaper than the current price cap, so it’s not about switching your deal to something cheaper. It’s all about whether you’ve been offered a deal that’s likely to be cheaper than the price cap rates over the next year.

If we factor in around two months on the current rate, three at October’s, three at January, three at April’s and one at July’s, using industry analysis firm Cornwall Insight’s latest predictions and adjusting for higher use in winter, on average a typical price-capped bill would be 96% higher over the next year than it is now.

So our rule of thumb is:

If you're offered a year's fix at no more than 95% above your current price-capped tariff, or 100% more if you very strongly value budgeting certainty, it's worth considering.

This isn’t an exact science – fixing below this point isn’t a slam dunk, this is our best-guess with the information we have.

We’ve full info in Martin’s Should you fix guide, including a table of the latest existing customers deals we know about. Be aware though, that we use typical, average use to compare, so the price you’ll be offered will be different, based on your region and usage.

It’s also worth noting that some firms, such as Bulb, don’t offer fixed deals to its customers. We’ve full info on that in the guide above – but in a nutshell it means you’ll need to move to the cheapest open-market fix, which are much more expensive right now, and likely won’t fall within our switching percentage.

Hope that helps!